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The song was originally recorded in 1951, for RCA Victor by Johnny Hartman, and about the same time for Crescendo Records by Al Costello with the Walter Scott Orchestra. Several hit versions of "Wheel of Fortune" were released in 1952. The first chart hit was by the Eddie Wilcox Orchestra featuring Sunny Gale, whose version reached number 2 on the R&B chart and number 13 on the pop chart. The most successful version was by Kay Starr, whose recording reached number 1 in the US pop chart in March 1952, staying there for ten weeks. Other hit versions in 1952 came from Dinah Washington (number 3, R&B), Bobby Wayne (number 6, pop), The Cardinals (number 6, R&B), and The Bell Sisters (number 10, pop).
The song was also used as the theme to the television series Wheel of Fortune.
Arthur Prysock (released by Decca Records as catalog number 27967, with the flip side "Till All the Stars Fall in the Ocean")
Susan Raye (released by Capitol Records as catalog number 3438, with the flip side "My Heart Skips a Beat")
Kay Starr (released by Capitol Records as catalog numbers 1677, with the flip side "Angry", and 1964, with the flip side "I Wanna Love You"; first reached the Billboard Best Seller chart on February 8, 1952 and lasted 22 weeks on the chart, peaking at number one).
Jimmy Thomason (recorded February 1952, released by King Records as catalog number 1051, with the flip side "Kiamish Choctaw Rose")
Bobby Wayne with Joe Reisman's orchestra (released by Mercury Records as catalog number 5779, with the flip side "If I Heard the Heart of a Clown"; first reached the Billboard Best Seller chart on February 15, 1952, and lasted 10 weeks on the chart, peaking at number 13).
Eddie Wilcox & Sunny Gale (released by Derby Records as catalog number 787, with the flip side "You Showed Me the Way"; first reached the Billboard Best Seller chart on February 1, 1952 and lasted 6 weeks on the chart, peaking at number 14)